Funding arb · Price arb /

TRUMP

all TRUMP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0283%/8h= −31.0% APRpaid last 24h −0.055%

Price spread now: Bitget against Backpack−0.055%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.290%−$29 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now −0.055%, 7d avg −0.097%

Together, before fees−0.294%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.042% dearer against Backpack than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.097%): +$4 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.290% in total) that is about 24 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack TRUMP_USDC_PERP	2.1832	0.0383	pay 0.0048% / 1h	41m 04s	$256K	$282K	10x
Short	Bitget TRUMPUSDT	2.1820	0.0100	get 0.0050% / 4h	3h 41m	$15.7M	$21.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Backpack. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BackpackbpFee BitgetbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$59.44
Price spread: −0.055% → −0.097%: $4.19
Slippage, 4 orders: −$13.49
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$90.74
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Backpack: live order book, 32 min ago; Bitget: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Backpack live order book, 32 min ago	0.23 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 3 min ago	2.29 bp	12.5 bp −$13	15.7 bp −$157	51.7 bp −$5,174	doesn't fit

TRUMP on 31 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective TRUMP/USDC PERP	−0.1608%	1h	2.1710	−0.559%	$13K	$157K	12x	as long as short
Reya TRUMPRUSDPERP	−0.0245%	1h	2.1802	−0.139%	$5	—	10x	as long as short
dYdX TRUMP-USD	0.0000%	1h	2.1807	−0.117%	$27K	$485	5x	as long as short
Deribit TRUMP_USDC-PERPETUAL	0.0000%	1h	2.1819	−0.060%	$409K	$77K	10x	as long as short
gTrade (Gains Network) TRUMP/USD	L +0.0008% / S −0.0007%	1h	2.1808	−0.110%	$41K	—	150x	as long as short
edgeX TRUMPUSDC	+0.0050%	4h	2.1785	−0.214%	$119K	$248K	20x	as long as short
Orderly PERP_TRUMP_USDC	+0.0096%	4h	2.1820	−0.055%	$3K	$249K	10x	as long as short
Lighter TRUMP	+0.0096%	1h	2.1813	−0.087%	$970K	$759K	10x	as long as short
Paradex TRUMP-USD-PERP	+0.0098%	8h	2.1791	−0.188%	$5K	—	5x	as long as short
Aster TRUMPUSDT	+0.0100%	4h	2.1834	+0.007%	$454K	$836K	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica TRUMP	+0.0100%	1h	2.1819	−0.058%	$188K	$60K	10x	as long as short
Binance TRUMPUSDT	+0.0100%	4h	2.1804	−0.130%	$62.4M	$225.8M	75x	as long as short
Bybit TRUMPUSDT	+0.0100%	4h	2.1810	−0.101%	$30.6M	$44.4M	50x	as long as short
OKX TRUMP-USDT-SWAP	+0.0100%	4h	2.1810	−0.101%	$26.9M	$152.2M	50x	as long as short
Gate TRUMP_USDT	+0.0100%	4h	2.1810	−0.101%	$7.4M	$47.0M	75x	as long as short
MEXC TRUMP_USDC	+0.0100%	4h	2.1810	−0.101%	$473K	$132K	125x	as long as short
KuCoin TRUMPUSDTM	+0.0100%	4h	2.1810	−0.101%	$4.0M	$10.5M	50x	as long as short
Bitget TRUMPUSDTshort	+0.0100%	4h	2.1820	−0.055%	$15.7M	$21.9M	75x
Variational Omni TRUMP	+0.0100%	4h	2.1812	−0.093%	$701K	$443K	—	as long as short
GRVT TRUMP_USDT_Perp	+0.0100%	4h	2.1824	−0.035%	$178K	$4.4M	10x	as long as short
SunX TRUMP-USDT	+0.0100%	4h	2.1830	−0.009%	$1K	$1.6M	50x	as long as short
SoDEX TRUMP-USD	+0.0100%	1h	2.1815	−0.078%	$74	$6K	5x	as long as short
HTX TRUMP-USDT	+0.0100%	4h	2.1850	+0.082%	$552K	$1.9M	50x	as long as short
Extended TRUMP-USD	+0.0104%	1h	2.1810	−0.099%	$77K	$548K	25x	as long as short
Aevo TRUMP-PERP	+0.0104%	1h	2.1804	−0.129%	$19K	—	3x	as long as short
Hyperliquid TRUMP	+0.0183%	1h	2.1838	+0.027%	$14.1M	$7.5M	10x	as long as short
GMX TRUMP/USD [ETH-USDC]	L +0.0216% / S −0.0188%	1h	2.1810	−0.102%	$10K	—	100x	as long as short
BloFin TRUMP-USDT	+0.0340%	4h	2.1790	−0.192%	$4.2M	$625K	75x	as long as short
Backpack TRUMP_USDC_PERPlong	+0.0383%	1h	2.1832	long leg	$256K	$282K	10x
Coinbase International TRUMP-PERP-INTX	+0.0624%	1h	2.1790	−0.192%	$283K	$273K	50x	as long as short
Kraken Futures PF_TRUMPUSD	+0.0789%	1h	2.1843	+0.053%	$1.3M	$2.5M	50x	as long as short